O Twelve Estates, AIM-listed investment vehicle managed by Rugby Asset Management, posted a net profit of £3.7m in its first year trading results to 31 March.

The figures showed a net asset value of £120.2m, or 98.15p per share, with the company’s portfolio valued at £237m by CB Richard Ellis.

The company was launched on AIM on 27 March 2006, and raised £122.5m with its initial listing, the proceeds of which are now fully invested .

O Twelve chairman Philip Rhodes said: ‘At 30 September 2006 56% of the proceeds raised during the Company's Admission had been invested and by 31 March 2007 the Company had invested all of the remaining proceeds and an additional £76 million of debt. This progress has continued in the current financial year and, since the period end, the Company has increased its loan facility by £100 million to £250 million and has continued to expand its portfolio with the purchases of four properties for £40 million. A number of further acquisitions in the target area are under consideration.’